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City of Lino Lakes, Minnesota <br />Management Report, Page 25 <br />completed and assessed in 1985. Rice Lake Estates was assessed in 1986. The permanent <br />financing of this temporary issue should not require tax levy support as follows: <br />December 31, 1987: <br />Cash in debt fund $ 230,810 <br />Assessments receivable 1,349,819 <br />Cash in construction fund 439,191 <br />Total 2,019,820 <br />Bonds outstanding 1,850,000 <br />Difference $ 169,820 <br />The Debt Service Fund has over $165,000 of delinquent assessments. Prior to final- <br />izing the terms of the permanent bond issue, we recommend that the City determine the <br />nature of the delay in assessment receipts. <br />Improvement Bonds of 1986 <br />The Improvement Bonds of 1986 were issued to refinance the Improvement Bonds of 1982 II <br />and to finance the Sunset Road improvements. Upon final maturity of the 1982 <br />Improvement Bonds, the remaining assets should be transferred to this fund. <br />Temporary Improvement Bonds of 1987 <br />The City issued bonds to finance the following projects in 1987: <br />North Road <br />Deer Pass Trail <br />Comprehensive Water <br />Reshanau Lake Estates South <br />Erickson's <br />4th Avenue <br />Bond <br />Proceeds <br />$ 9,473 <br />11,108 <br />664,671 <br />481,833 <br />381,422 <br />84,942 <br />Total $1,633,449 <br />North Road, Deer Pass Trail and 4th Avenue were assessed in 1987. The remaining <br />projects are scheduled for assessment in 1988. <br />